Fox Factory (NASDAQ:FOXF) Hits New 52-Week Low on Analyst Downgrade

Fox Factory Holding Corp. (NASDAQ:FOXF)’s stock price reached a new 52-week low on Wednesday after Stifel Nicolaus lowered their price target on the stock from $56.00 to $45.00. Stifel Nicolaus currently has a hold rating on the stock. Fox Factory traded as low as $39.90 and last traded at $39.99, with a volume of 72353 shares trading hands. The stock had previously closed at $40.64.

FOXF has been the subject of a number of other research reports. Bank of America lowered Fox Factory from a “buy” rating to a “neutral” rating and set a $55.00 price target for the company. in a research report on Friday, February 23rd. StockNews.com downgraded Fox Factory from a “hold” rating to a “sell” rating in a research note on Monday, February 26th. Finally, Truist Financial reduced their price objective on Fox Factory from $90.00 to $60.00 and set a “buy” rating for the company in a research note on Friday, February 23rd. One analyst has rated the stock with a sell rating, four have assigned a hold rating and one has assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average price target of $66.00.

Institutional Investors Weigh In On Fox Factory

A number of hedge funds and other institutional investors have recently made changes to their positions in FOXF. SG Americas Securities LLC purchased a new stake in shares of Fox Factory during the 3rd quarter worth about $1,950,000. IQ EQ FUND MANAGEMENT IRELAND Ltd raised its stake in shares of Fox Factory by 3.3% during the 3rd quarter. IQ EQ FUND MANAGEMENT IRELAND Ltd now owns 6,662 shares of the company’s stock worth $660,000 after purchasing an additional 213 shares in the last quarter. Bank of New York Mellon Corp raised its stake in shares of Fox Factory by 1.1% during the 3rd quarter. Bank of New York Mellon Corp now owns 440,251 shares of the company’s stock worth $43,620,000 after purchasing an additional 4,607 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank raised its stake in shares of Fox Factory by 26.6% in the 3rd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 7,065 shares of the company’s stock valued at $700,000 after acquiring an additional 1,485 shares in the last quarter. Finally, Strs Ohio raised its stake in shares of Fox Factory by 10.5% in the 3rd quarter. Strs Ohio now owns 4,200 shares of the company’s stock valued at $416,000 after acquiring an additional 400 shares in the last quarter.

Fox Factory Price Performance

The stock has a 50 day moving average of $50.28 and a two-hundred day moving average of $62.32. The company has a debt-to-equity ratio of 0.61, a quick ratio of 1.91 and a current ratio of 3.70. The firm has a market capitalization of $1.67 billion, a P/E ratio of 13.99, a P/E/G ratio of 3.42 and a beta of 1.64.

Fox Factory (NASDAQ:FOXF) last issued its quarterly earnings data on Thursday, February 22nd. The company reported $0.48 earnings per share for the quarter, missing analysts’ consensus estimates of $0.82 by ($0.34). Fox Factory had a net margin of 8.25% and a return on equity of 13.86%. The company had revenue of $332.50 million during the quarter, compared to the consensus estimate of $327.07 million. During the same period in the previous year, the business posted $1.43 earnings per share. The firm’s revenue was down 18.6% on a year-over-year basis. Sell-side analysts predict that Fox Factory Holding Corp. will post 2.42 earnings per share for the current fiscal year.

About Fox Factory

Fox Factory Holding Corp. designs, engineers, manufactures, and markets performance-defining products and system worldwide. The company offers powered vehicle products for side-by-side vehicles, on-road vehicles with and without off-road capabilities, off-road vehicles and trucks, all-terrain vehicles, snowmobiles, and specialty vehicles and applications, such as military, motorcycles, and commercial trucks; lift kits and components with shock products and aftermarket accessory packages for trucks; and mid-end and high-end front fork and rear suspension products.